Fha home refinance program

This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.

Implement critical reforms that will produce a stronger and more resilient housing finance system. FHFA experts provide reliable data, including all states, about activity in the U. Meet the experts Despite the recent high levels of refinancing in the mortgage market, low-income borrowers have been less likely to take advantage of the favorably low mortgage interest rate environment than higher-income borrowers. This initiative is intended to encourage eligible low-income borrowers to refinance and lower both their interest rates and their monthly mortgage payments.

Borrowers eligible for this refinance option will benefit from a reduced interest rate and a lower monthly mortgage payment. Other eligibility restrictions apply and will be aligned across the Enterprises regardless of whether the borrower has a Fannie Mae-backed mortgage or a Freddie Mac-backed mortgage.

The Enterprises plan to work with their respective lenders to make this option available to eligible borrowers as soon as possible. FHFA will work with the Enterprises and lenders to encourage robust marketing and outreach efforts to reach eligible borrowers and maximize participation rates for this refinancing option.

Williams FHFA. Russell FHFA. The basic requirements of a streamline refinance are:. Lenders may offer streamline refinances in several ways. Some lenders offer "no cost" refinances actually, no out-of-pocket expenses to the borrower by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash.

From this premium, the lender pays any closing costs that are incurred on the transaction. Detailed instructions to the lenders are contained in HUD Handbook Contact your lender to get started.

You can find your lenders contact information by clicking on our List of approved lenders.